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Summer Internship Project Report

on
Sensitivity Analysis of Short Term
Debt Funds Liquid Funds
at





Submitted by
Rishu Singh
Goa Institute of Management

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Sensitivity Analysis of Short Term
Debt Funds Liquid Funds
at
SBI Mutual Fund


Under the Guidance of

Mr. Amit Gupta
Vice President & Head (Institutional Sales)
SBI Mutual Fund






Submitted By
Rishu Singh
Goa Institute of Management
Batch 2013-15



May 23, 2014
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ACKNOWLEDGEMENT

I take this opportunity to express my profound sense of gratitude and respect to all those
who helped me throughout this project.
I hereby express my sincere thanks to the Mr. D.P. Singh, Executive Director & CMO
(Domestic Business) for providing me an opportunity to undergo Summer Internship at their
esteemed organization. I would like to thank my mentor Mr. Amit Gupta, Vice President &
Head (Institutional Sales) at the organization without whose support, knowledge sharing,
concern and co-operation, the project would not have been successful.
Last but not the least, I would like to thank all others who have directly or indirectly helped
me complete my project and have not been mentioned in this acknowledgement.



Rishu Singh
Goa Institute of Management
Batch of 2013-15





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MEMORANDUM OF TRANSMITTAL

Date: May 23, 2014
To: Mr. Amit Gupta, Vice President & Head (Institutional Sales)
From: Rishu Singh, Summer Intern, Goa Institute of Management
Subject: Sensitivity Analysis of Short Term Debt Funds Liquid Funds

Here is the report you requested on May 23, 2014 regarding the analysis of Liquid Funds
with respect to their portfolio composition and returns. The report is based on the analysis
of secondary data provided by you and collected from the websites related to Mutual Fund
industry.

The project intends to analyse the Liquid funds with respect to their portfolio composition
and returns. Chapter based on Analysis of Funds presents the detailed portfolio analysis on
the aspects of their composition, credit rating profile and liquidity. Return analysis and AUM
analysis for top 17 Liquid Funds in the industry is provided in this chapter. Through the
analysis it is found that SBI Liquid Funds are little conservative in nature compared to the
peer Liquid Funds and can increase their returns by investing in high yielding instruments.









Page | 5

Table of Cont ent s

Acknowledgement ............................................................................................................................ 3
Memorandum of transmittal ............................................................................................................ 4
Executive summery ........................................................................................................................... 8
Introduction ...................................................................................................................................... 9
SBI mutual fund ............................................................................................................................. 9
Liquid funds ................................................................................................................................. 10
Need and significance of the project: ........................................................................................... 11
Problem definition .......................................................................................................................... 12
Objective ..................................................................................................................................... 12
Ccope .......................................................................................................................................... 12
Methodology ............................................................................................................................... 12
Academic scope ................................................................................ Error! Bookmark not defined.
Analysis of liquid funds ................................................................................................................... 13
SBI Premier Liquid Fund ............................................................................................................... 13
SBI Magnum Insta Cash-Cash ....................................................................................................... 18
Birla Sun Life Cash Plus ................................................................................................................ 22
Birla Sun Life Floating Rate Fund .................................................................................................. 25
HDFC Liquid Fund ........................................................................................................................ 28
HDFC Cash Management Fund-Saving Fund ................................................................................. 30
ICICI Prudential Liquid Fund ......................................................................................................... 32
ICICI Prudential Money Market Fund ........................................................................................... 34
Reliance Liquid -TP....................................................................................................................... 36
Reliance Liquidity Fund ................................................................................................................ 38
UTI Liquid Fund-Cash ................................................................................................................... 40
UTI Money Market Fund .............................................................................................................. 42
IDFC Fash Fund ............................................................................................................................ 44
DSP Blackrock Liquidity Fund ....................................................................................................... 46
Templeton India TMA .................................................................................................................. 48
Kotak Floater-Short Term ............................................................................................................ 50
Kotak Liquid Scheme.................................................................................................................... 52
Findings & Suggestions ................................................................................................................... 54
References ...................................................................................................................................... 57
Appendix ........................................................................................................................................ 58
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i: Abbreviations used ................................................................................................................... 58
ii: Portfolio analysis of Janunary & February ................................................................................ 59
iii: Portfolio analysis of March ...................................................................................................... 60
iv: Return analysis of Jan & Feb .................................................................................................... 61
v: Return analysis of March.......................................................................................................... 62
vi: AUM analysis of Funds ............................................................................................................ 63


LIST OF FIGURES


Figure 1: Portfolio Composition of SBI Premium Liquid Fund............................................................ 14
Figure 2: Portfolio Composition of SBI Magnum Insta Cash-Cash ..................................................... 19
Figure 3: Portfolio Composition of Birla Sun Life Cash Plus ............................................................... 22
Figure 4: Portfolio Composition of Birla Sun Life Floating rate Fund ................................................. 25
Figure 5: Portfolio Composition of HDFC Liquid Fund ....................................................................... 28
Figure 6: Portfolio composition of HDFC Cash Management Fund-Saving Fund ................................ 30
Figure 7: Portfolio Composition of ICICI Prudential Liquid Fund ....................................................... 32
Figure 8: Portfolio Composition of ICICI Prudential Money Market Fund .......................................... 34
Figure 9: Portfolio Composition of Reliance Liquid TP ...................................................................... 36
Figure 10: Portfolio Composition of Reliance Liquidity Fund ............................................................ 38
Figure 11: Portfolio Composition of UTI Liquid Fund Cash ................................................................ 40
Figure 12: Portfolio Composition of UTI Money Market Fund .......................................................... 42
Figure 13: Portfolio Composition of IDFC Cash Fund ........................................................................ 44
Figure 14: Portfolio Composition of DSP Blackrock Liquidity Fund .................................................... 46
Figure 15: Portfolio Composition of TEMPLETON India TMA ............................................................ 48
Figure 16: Portfolio Composition of KOTAK Floater-Short Term ....................................................... 50
Figure 17: Portfolio Composition of KOTAK Liquid Scheme .............................................................. 52
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LIST OF TABLES


Table 1: Average annualized point to point returns of SBI Premium Liquid Fund .............................. 16
Table 2: Average annualized point to point returns of SBI Magnum Insta Cash- Cash ....................... 20
Table 3: Average annualized point to point returns of Birla Sun Life Cash Plus ................................. 23
Table 4: Average annualized point to point returns of Birla Sun Life Floating rate fund .................... 26
Table 5: Average annualized point to point returns of HDFC Liquid Fund ......................................... 29
Table 6: Average annualized point to point returns of HDFC Cash Management Fund-Saving Fund . 31
Table 7: Average annualized point to point returns of ICICI Prudential Liquid Fund .......................... 33
Table 8: Average annualized point to point returns of ICICI Prudential Money Market Fund ............ 35
Table 9: Average annualized point to point returns of Reliance Liquid TP ......................................... 37
Table 10: Average annualized point to point returns of Reliance Liquidity Fund ............................... 39
Table 11: Average annualized point to point returns of UTI Liquid Fund Cash .................................. 41
Table 12: Average annualized point to point returns of UTI Money Market Fund ............................. 43
Table 13: Average annualized point to point returns of IDFC Cash Fund ........................................... 45
Table 14: Average annualized point to point returns of DSP Blackrock Liquidity Fund ...................... 47
Table 15: Average annualized point to point returns of TEMPLETON India TMA ............................... 49
Table 16: Average annualized point to point returns of KOTAK Floater Short Term .......................... 51
Table 17: Average annualized point to point returns of KOTAK Liquid Scheme ................................. 53



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EXECUTIVE SUMMERY


This report provides the portfolio analysis of Liquid Funds and their returns for the top ten
AMCs in the industry. Analysis is done for the portfolios of fourth quarter of FY 2013-14.
Method of portfolio analysis include portfolio composition, credit rating profile, liquidity and
exposure to NBFC. Correlation of composition with daily, weekly, fortnightly and monthly
returns are analysed in this report.

Result of the data analysed show that portfolio having exposure to high yielding risky
instrument generate higher returns compared to the conservative portfolios. In the month
of March, all the Funds over invested with expectations of higher returns in the succeeding
month.

The project finds that SBI Liquid Funds portfolio is little conservative in nature, resulting in
lower returns compared to its peers. Also, the percentage of over investment in March is
less compared to the industry toppers. The report recommends that SBI Liquid funds can
invest in high yielding instruments to increase its return and can maintain its liquidity by
investing more in T Bills. Also, the percentage of over investment in the month of March can
be increased.










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INTRODUCTION

SBI Mutual Fund

SBI Fund Management Private Limited is one of the leading fund houses in India with an
investor base of over 5.4 million and over 25 years of rich experience in fund management.
It has a strong linkage that traces back to State bank of India (SBI) Indias largest bank. SBI
Fund management Pvt. Ltd. is a joint venture between SBI and AMUDI (France), one of the
worlds leading fund management companies.

Today, the fund house manages a diverse profile of customers with over Rs.65,499 crores
(AAUM for April 2014) of assets which is parked across 36 active schemes. SBI Mutual Fund
serves its vast family of investors through a network of over 222 points of acceptance. It
aims at providing its investors a well-diversified basket of products and services on time to
time basis to fulfil their investment needs conveniently. Different services provided by the
fund house are: Mutual funds, Offshore Funds and Portfolio Management and Advisory
services.

SBI Mutual Fund is one of the best and the top mutual fund investment company among
mutual funds companies in India. SBI Mutual Fund stands at 6
th
position according the AUM
(April 2014). SBI Mutual Fund provide variety of funds to its investors like Equity schemes,
Debt/Income schemes, Liquid schemes, Hybrid schemes, Exchange Traded schemes, Fund of
Fund Schemes and many more. It also offers Systematic Investment Planning schemes (SIP)
option to investors so that they can invest on regular intervals.
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LIQUID FUNDS

Funds which do not invest any part of assets in securities with a residual maturity of more
than 91 days are liquid funds. Currently, the average portfolio maturity of this scheme
ranges between four and 91 days. These funds invest in short-term debt instruments with
maturities of less than one year. Investments are mostly in money market instruments,
short-term corporate deposits, banks certificate of deposits and treasury. The maturity of
instruments held is between 3 and 6 months. They provide low interest rate risk, good
liquidity and the prevailing yield in the market. Liquid funds have the restriction that they
can only have 10 per cent or less mark-to-market component, indicating a lower interest
rate risk. While liquidity is one important factor of these funds, safe investments make them
the preferred parking option for HNIs and corporates. Moreover, the maturity makes them
relatively less sensitive to interest rate fluctuations, compared to other debt funds.

These funds are also called as Income Funds. Their aim is to provide easy liquidity,
reservation of capital along with moderate income. These schemes invest exclusively in
safer, short-term instruments such as treasury bills, certificates of deposit, commercial
paper and inter-bank call money, bills rediscounting, government securities etc. Returns on
these schemes fluctuate much less compared to other funds and are most appropriate for
corporate and individual investors as a means to park their surplus funds for short periods.

Short-term capital gains tax applies on liquid funds that are held for less than a year at the
income tax slab that one falls in. However, there is tax efficient strategy that you can adopt.
Dividends from liquid funds are tax-free in the hands of investor, which makes them more
attractive than bank fixed deposits.
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NEED AND SIGNIFICANCE OF THE PROJECT

Mutual funds is a vehicle to mobilize moneys from investors, to invest in different securities,
in line with the investment objectives agreed upon by the investors and mutual funds.
Broadly there is two major category of fund:
1. Equity funds: These funds invest the investors money in equity share of companies
and accounts for 40% for industrys asset and
2. Debt funds: These funds invest money in debt instruments and money market
instruments. They accounts for 60% of industrys asset.
Balanced funds or hybrid funds are the combination of above two funds providing benefits
of both the category.

This project focuses on the short term debt funds, understanding the portfolio composition
of the liquid funds. The main investing objectives of a debt fund is usually preservation of
capital and generation of income. The biggest contributor to the Mutual Fund industry,
Liquid Funds attract a lot of institutional and High Net-worth Individuals (HNI) money. It
accounts for approximately 40% of industry AUM. The two plus points of these fund over
the bank current accounts are less risk and better returns, which appeals these investors.


Through this project, portfolio composition and returns of liquid funds of SBI and major
players in the market is analyzed and correlation of portfolio composition and returns is
studied. This is followed by suggestion to improve returns of SBI Liquid funds.

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PROBLEM DEFINITION

OBJECTIVE

To study the portfolios composition of the short term debts Liquid funds and analyze
their returns, followed by finding correlation of the composition with the returns
generated by them.

SCOPE

The mutual fund industry has a variety of schemes available for its diverse investors, but
the project focus only on the short term debt Liquid Fund. Due to the time constraint,
portfolios of 4
th
quarter of FY 2013-14 for the Liquid Funds having AUM above Rs.3000
crore is only considered for analysis.

METHODOLOGY

Study different types of schemes available in the mutual fund industry
Understand the different types of debt instrument available in market
Analyze the portfolios composition of the Liquid Funds through secondary data
Evaluate the point to point returns (1 day, 1 week, 2 weeks, 1 month returns) of
the schemes
Study the customer preferences as per the AUM of the funds


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ANALYSIS OF LIQUID FUNDS

SBI PREMIER LIQUID FUND

Portfolio Analysis
In the 1
st
two months of 4
th
quarter of FY 2013-14, fund investment in liquid instruments like
CD, money market and T Bill marginally differed from the industry average. The funds
exposure in FD and CP, were slightly above industry average, making it moderately
aggressive in nature. The fund invested 29.49% in AA long term credit rated companies and
12.88% in AAA rated companies, which is almost same as the industry mean. It also showed
investment of 0.3% in companies having credit rating below AA. The fund majorly invested
in nationalized banks FDs and CDs.
During this period, SBI PLF invested 42.67% in CP, near industry average, but the top players
in terms of AUM with good returns (i.e. Birla SCF, HDFC LF, Reliance LTP and ICICI PLF)
invested approx. 32% in CP. SBI PLF had very less exposure to BRDs, bond, debenture, ZCB
(whose combined contribution to portfolio was only 1.33%) compared to these top players.
FD (17.5%) exposure of the portfolio was also less compared the above mentioned 4 funds
whose avg. was 20.41%. T Bills exposure (2.25%) was neither high as ICICI PLF (13.83%) or
HDFC LF (6.52%) nor low as Birla SCF (1.63%) or Reliance LTP (1.04%). Money market
instruments like CBLO (7.56%) contribution was mostly higher than these peers.
Other top players with higher returns (i.e. Birla SFR, HDFC CMF, ICICI PMM, Kotak FST, SBI
MIC and UTI MM) generally had higher exposure to BRDs, bond, debentures and CD
compared to SBI PLF. They had similar percent contribution in CP as SBI PLF except Birla SFR
and HDFC CMF. The above mentioned funds had higher exposure to FD, ZCB and money
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market. All these funds except Birla FRF had higher NBFC exposure (approx. average of 18%)
than SBI PLF which had 13.14% exposure. ICICI PLF and ICICI MM were exception, since their
exposure to bonds, BRD, ZCB categories was very less but liquidity was highest and always
performed above average.
Figure 1: Portfolio Composition of SBI Premium Liquid Fund

While, in the month of March SBI PLF heavily invested in CDs (78.5%), compared to the
industry mean (56.7%). Investment in T Bills and other liquid instruments like MFs was
slightly above industry avg. Other instruments included in the portfolios were CP, FD and
BRDs. The fund maintained a negative current asset of 25.26%. Thus, fund over invested in
the last month of quarter, but this over investment was lesser than the industry average. It
majorly invested in highest short term rated CPs of AA credit rated companies (27.72%) and
the CD exposure was mostly in PSU banks.
SBI PLF exposure to FD (10.99%) and CP (31.42%) was very low compared to the top 3 funds
whose AUM is comparable to SBI PLF and had good returns in March (i.e. Birla SCF, ICICI PLF
0.17
1.16
17.50
42.67
7.56
0.01
0.43
10.99
31.42
78.48
1.59
2.34
0 10 20 30 40 50 60 70 80 90
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 15

and Reliance LTP). There was very less or no exposure to bonds, debentures and BRD, while
the mentioned toppers had an avg. exposure of 2.5% in bond & debenture. Money market
presence was 0% in SBI PLF portfolio while the 3 toppers had an avg. exposure of 0.1%. UTI
LFC and HDFC LF had similar portfolio composition as SBI PLF (excluding BRD exposure which
was higher than SBI PLF). These funds also gave poor returns. ICICI portfolio was an
exception due to its high liquidity (11.68% in T bills) and zero presence of bond, debenture
and ZCB. It had higher CP exposure (54.16%). Even with absence of high yielding bonds it
maintained higher returns compared to industry average.
Other top performers in the month of March (i.e. Birla SFR, ICICI PMM, Reliance LF and
Templeton India TMA), had very high exposure in the assets like BRDs, Bonds, debenture
and FDs compared to SBI PLF. SBI PLF had zero money market exposure while all other fund
had above industry average exposure. CP and NBFC exposure of peers was generally high
compared to SBI PLF (exception: Reliance LF). Only exception here was Templeton India
TMA which had exposure to only bonds (7.16%), CD (85.72%) and CP (31.46%) with very less
NBFC exposure (9.04%), still it paid higher returns. Due to restricted diversity its return were
highly volatile. All the funds had higher borrowing (average 32.5%) compared to SBI PLF
except Birla FF (18%) and Templeton India TMA (24%).

Return Analysis
Point to point average returns of the fund were slightly below or equal to the industry
average with 1 month returns standard deviation of 0.13 and 0.21 for the month of Jan, Feb
and March resp. The average returns were calculated by considering NAV data available for
20, 16, 14 days of the months of Jan, Feb and March resp. Returns above industry average in
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Table 1 is derived by dividing the count of days when return was above industry average by
number of days considered for analysis. For 1
st
two months of the quarter, funds absolute
return in most of the category was above industry average for 44% occasions while in March
it was above average for 50% occasions. It is observed that in the quarter end returns are
more volatile compared to other months which is due to the aggressive nature of portfolio
in March.
Table 1: Average annualized point to point returns of SBI Premium Liquid Fund



Returns
For the month of Jan & Feb For the month of March

Avg.
return

Std.
deviation

Industry
avg.
Return
above
industry
average
(%)

Avg.
return

Std.
deviation

Industry
avg.
Return
above
industry
average
(%)
1 day 8.69 0.12 8.71% 44% 9.31 0.39 9.40% 29%
1 week 8.72 0.13 8.74% 44% 9.22 0.32 9.26% 50%
2 weeks 8.73 0.13 8.75% 42% 9.11 0.28 9.13% 50%
1 month 8.80 0.13 8.82% 44% 8.95 0.21 8.95% 50%

It is evident from the Table1 that SBI PLF has higher volatility in 1 day return. But if the
returns are considered for longer margin like fortnightly and monthly basis it had better
absolute returns with reduced volatility.

AUM Analysis
The schemes fund was Rs.17,088.84 crore in January, which decreased in February and
March by 4% and 23%resp. But in the month of April it increased by 74% resulting in
Rs.21,851.83 crore as AUM. The decrease in the fund size was least among the industry top
Page | 17

players. Monthly average return of the fund is 8.91%, 8.68% and 8.95% in the month of Jan,
Feb and March respectively.
Thus, SBI Premium Liquid fund is positioned little conservative in nature compared to
industry biggies. Since, portfolio composition & returns both showed a balanced nature
compared to industry average and the customer attraction was high in the fund, it can be
said that the fund was managed efficiently.












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SBI MAGNUM INSTA CASH-CASH

Profile Analysis
In the months of January and February, SBI MIC maintained very high liquidity by spending
14.74% in money market and invested above industry avg. in CD (35.6%). Approximately
97% of CD was invested in PSU banks. Exposure to CP was 42.06% with NBFC exposure of
portfolio being 19.82%, slightly above industry mean. Contribution of AA and AAA credit
rated firms in portfolio was 34.43% and 7.27% respectively. Bond & debenture of 1.69% was
more than industry average. Other instruments constituting the portfolio were FD and BRDs.
SBI MIC performed very well in this duration compared to the industry giants by paying
highest daily, weekly and fortnightly returns and above average monthly returns.
The portfolio composition was very different in the month of March, where the fund
majorly invested in A1 rated CD and CP with 65.6% and 35.05% resp. The fund was highly
illiquid with assets of 18.15% and 1.99% in FDs and BRDs and no investment in Liquid
Instruments like money market and T Bills. Approx. 20.86% of Current Asset was borrowed
for excess investment resulting in negative NCA, but this borrowing was lesser than the
industry biggies. Stability of fund was maintained by investing approx. 66% of portfolio
holding in PSU Banks CD and FD. Rating profile shows expenditure of 29.15% in AA and
5.94% in AAA long term credit rated companies.






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Figure 2: Portfolio Composition of SBI Magnum Insta Cash-Cash

Comparing the portfolio composition with good performers in this duration (Birla SCF, ICICI
PLF and Reliance LTP, Birla SFR, ICICI PMM, Reliance LF and Templeton India TMA), it is
observed that unlike SBI MIC, most of them heavily invested in BRDs and debentures. Some
of them like, Birla SRF, Birla SCF and Reliance LF invested 24%, 21.91% and 10.33% resp. in
BRDs whereas SBI MIC had only 1.99% of holding. CD holding of 65.6% was very high
compared to the funds having top returns whose avg. CD holding was 48.77% (exception:
Templeton India TMA had 85.72% CD holding). FD holding in SBI MIC was 18.15%, whereas
avg. FD holding of toppers was 31.25%. Money market contribution was 0% in SBI MIC but
toppers avg. was 0.33%. Among the toppers, ICICI PLF was the only fund which invested
11.68% in T bills where SBI MIC did not invest.



0.47
6.94
42.06
35.6
14.74
0.09
1.99
18.15
35.09
65.6
0.03
0 10 20 30 40 50 60 70
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 20

Return Analysis
SBI MICs Average annualized point to point returns were above industry mean for the
months of January & February, but decreased slightly below industry mean in the quarter
end month. Monthly returns for all the 3 months was very good as it was above industry
mean and with very less deviation from its mean. Funds daily return was above industry
average for 81% occasions in Jan and Feb but its volatility increased in March decreasing the
daily return above industry average to 28% occasions. Monthly returns showed consistency
as returns were above industry average for 56% and 50% occasions for the months Jan &
Feb and March resp. SBI MIC performance was better than SBI PLF as it repaid higher
returns and also for more occasions. The fund was most consistent in its return compared to
its peers with least standard deviation in all the returns category.
Table 2: Average annualized point to point returns of SBI Magnum Insta Cash- Cash



Return
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.81 0.15 8.72 81% 9.31 0.39 9.40 28%
1 week 8.82 0.11 8.75 72% 9.18 0.25 9.26 57%
2 weeks 8.83 0.10 8.77 72% 9.09 0.24 9.13 43%
1 month 8.87 0.09 8.84 56% 8.99 0.16 8.95 50%

Daily, weekly and fortnightly return in March was below industry mean with high volatility
whereas monthly return of March was above average. Thus, funds return was better in Jan
& Feb with high liquidity compared to March when its portfolio was illiquid.
AUM Analysis
Page | 21

The schemes fund was Rs.2,466.23 crore in January, which increased in February by 114%
but declined by 53% in March. In April, fund size saw a growth of 12% causing Rs.2,790.96
crore of AUM. This scheme saw maximum growth in its monthly fund size compared to its
peer for the month of February. Monthly average return of the fund was 8.95%, 8.78% and
8.99% in the months of Jan, Feb and March respectively.
Thus, SBI MIC can be classified as little conservative with good returns compared to industry
giants. It can be said that funds portfolio management style in Jan was good and hence
attracting the investors. But in March it could not increase its fund size as the daily, weekly
and fortnightly returns were not as good as the industry.










Page | 22

BIRLA SUN LIFE CASH PLUS

Portfolio Analysis
In January and February, the scheme invested above industry average in highly aggressive
and illiquid instruments like BRDs (15.65%), bonds & debentures (3.03%), ZCB (3.03%) and
FD (27.72%). Investment in BRD was 7 times higher than industry mean (2.22%) contributing
to aggressive nature of the fund. Other assets observed in portfolio were CD, CP, CBLO and T
Bills whose percentage contribution to portfolio structure was below industry mean. Rating
profile composition of portfolio was 11% in AAA, 21% in AA and 0.5 % in below AA long term
credit rating companies. 64% of FD was in private sector bank which was double the
industry average.
Figure 3: Portfolio Composition of Birla Sun Life Cash Plus

The portfolio holding remained highly aggressive in the month of March with allocation of
fund in BRDs (22%), bonds & debenture (3.98%), FD (32.68%), ZCB (1.37%) and CP (36.7%).
Spending in all these categories was above industry average. Liquid instrument contributed
15.65
3.03
3.06
22.715
28.31
21.685
3.255
1.625
0
21.91
3.89
1.37
32.63
36.7
32.85
0.18
0
0
0 5 10 15 20 25 30 35 40
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 23

32.9% and 0.18% in the form of CD and CBLO. Birla SCP was the only fund investing 1.79% in
below AA credit rated firms. Around 31% and 3.84% of portfolio was spent in AA and AAA
long term credit rated firms. NBFC exposure (20.1%) was much higher compared to peer
schemes.

Return Analysis
As seen in Table 3, Birla SCP schemes average returns were consistently above industry
average. Daily and monthly returns were highest in the industry except for the month of
March. In March, Templeton India TMA had highest return, but Birla SCP has more stable
returns compared to it. Weekly returns of the scheme was 50% and 71% occasions above
industry average for the months of Jan, Feb and March resp. The aggressive nature of
portfolio holding makes this fund extremely volatile with highest standard deviation
compared to its peer.
Table 3: Average annualized point to point returns of Birla Sun Life Cash Plus



Return
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.79 0.35 8.72 56% 9.58 0.66 9.4 64%
1 week 8.79 0.24 8.75 50% 9.49 0.56 9.26 71%
2 week 8.82 0.12 8.77 53% 9.28 0.46 9.13 57%
1 month 8.9 0.17 8.84 56% 9.03 0.31 8.95 57%



Page | 24

AUM Analysis
Birla SCF has Rs.22,826.81 crore as AUM in January which decline by 23% to Rs.17,632.61
crore in February. It further declined in March by 36% and finally reached Rs.20,840.5 crore
by boost of 86% in April. Monthly average return of the fund was 9.04%, 8.72% and 9.03% in
the month of Jan, Feb and March respectively.
From the portfolio holding and returns we can say that the Birla SCP fund is highly
aggressive and accordingly it also paid back higher returns. Though Birla SCFs portfolio was
highly aggressive in nature, it reduced its risk by diversifying its portfolio. Its portfolio was
most diverse not only in terms of types of instruments but also in terms of selecting the
firms in rating profile. This fund is one of the most aggressive funds in the industry and very
well managed too. Yet, it saw a decline in fund size in Feb and March which can be due to
the aggressive nature of the portfolio.










Page | 25

BIRLA SUNLIFE FLOATING RATE FUND

Portfolio Analysis
In the months of Jan & Feb, Birla SFR scheme invested around 12% of its fund in risky
instruments like BRDs, ZCB, and bonds & debentures. To maintain its liquidity approximately
9.5% of fund was put into CBLO and T bills. Other portfolio holding include CD and FD which
was majorly parked in private sector banks. Most of these spending were above industry
average. 18.58% of portfolio was invested in AA long term credit rated companies while AAA
rated holdings was 6.85%, almost half of the industry mean.
Figure 4: Portfolio Composition of Birla Sun Life Floating rate Fund

The aggressive nature of the fund was maintained in the month of March as maximum
holdings were in risky instruments. BRD and bond & debenture contribution was 24.02%,
5.81% which was 4.8 times and 3 times above industry average respectively. 27% of
portfolio was parked in AA rated companies while AAA contributed 19.34%. NBFC exposure
24.02
5.81
29.94
40.12
17.38
0.86
7.48
1.36
3.13
20.70
22.77
34.60
7.42
10.20
0 5 10 15 20 25 30 35 40 45
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 26

was of 19.5%. Only private sector FD (30%) were part of the portfolio. The fund borrowed
18.13% of its NCA which was very less compared to the industry.

Return Analysis
Average returns of the scheme is above industry average for Jan & Feb where absolute
returns were above average for more than 50% occasions. Returns of 1
st
two months were
stable as compared to the highly volatile returns of March where 1 day returns standard
deviation was 0.9. In March avg. daily and weekly returns were above industry average, but
not in the case of monthly return where only 43% of occasion absolute return was above
average.
Birla SFR is one of the most aggressive fund in the industry. Here, aggressive nature of
portfolio holding is reflected in the returns of the scheme, justifying high risk, high return.
But for monthly return, in the month of March the scheme did not perform as per its trend.

Table 4: Average annualized point to point returns of Birla Sun Life Floating rate fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.73 0.34 0.34 8.72 58% 9.49

0.90 9.4 57%
1 week 8.77

0.19 8.75 61% 9.29

0.44 9.26 57%
2 weeks 8.81

0.14 8.77 58% 9.13

0.42 9.13 57%
1 month 8.88

0.13 8.84 56% 8.92

0.26 8.95 43%


Page | 27

AUM Analysis
Birla SFR fund had Rs.3953.55 crore as AUM in January which improved by 40% in February.
Then it saw a decline of 61% in March and finally saw an increment of 108% in April.
Monthly average return of the fund was 8.98%, 8.75% and 8.92% in the month of Jan, Feb
and March respectively. Portfolio composition of February was conservative compared to
January, resulting in decline of return in Feb and monthly fund size of March.













Page | 28

HDFC LIQUID FUND

Portfolio Analysis
In the months of Jan & Feb, money was parked in both risky and liquid instruments in
proportionate amount, almost close to industry average. HDFC LF maintained balanced
nature of portfolio holding with high liquidity. Spending in CP (30%) was below industry
average (41.3%). 18% of portfolio holdings was in AA rated firms and 12% in AAA rated
firms. Mostly PSU banks CDs and FDs were bought.
Figure 5: Portfolio Composition of HDFC Liquid Fund

In March, portfolio nature changed from balanced to aggressive with less liquidity. In this
month portfolio borrowed fund resulting in 30.85% of amount payable. Most of the fund
was parked in BRDs, CP, FD and CD. NBFC exposure was 22.3%. Rating profile shows
exposure of 5.66% and 27% to AAA and AA credit rated companies. 28.5% of FD was put in
PSU banks which was more than twice the industry mean. Portfolio held 35.6% of PSU CD
and 17.9% of Private Banks CD.
2.36
0.5
0.84
20.81
29.97
31.53
8.04
6.52
9.59
35.37
32.63
52.89
0.38
0 10 20 30 40 50 60
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 29

Return Analysis
Average Returns are below industry average but for more than 50% times schemes
absolute returns are above industry average. The schemes return are less volatile with one
of the lowest standard deviation in the industry.
Table 5: Average annualized point to point returns of HDFC Liquid Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.71

0.17 8.72 58% 9.26

0.34 9.4 57%
1 week 8.76

0.19 8.75 53% 9.16

0.33 9.26 50%
2 weeks 8.77

0.17 8.77 53% 9.07

0.29 9.13 50%
1 month 8.85

0.14 8.84 56% 8.91

0.2 8.95 43%

AUM Analysis
HDFC LF fund size rose by 9% from Rs.17,977.03 crores to Rs.19,510.57 crore in February. In
March, it saw a decline of 55% and then rose by 133% to Rs.20,305.62 in April. Monthly
average return of the fund was 8.97%, 8.69% and 8.91% in the months of Jan, Feb and
March respectively.
Thus, the fund can be categorized as balanced in nature and accordingly its return are
marginally less than the industry average.



Page | 30

HDFC CASH MANAGEMENT FUND-SAVING FUND

Portfolio Analysis
In Jan, Feb maximum fund amount was spent in CP (35.4%) and CD (30.7%). AA and AAA
credit rated firms held 23.84% and 11.55% of portfolio. 79.4% of CD was held in PSU banks.
At one end the fund spent in high yielding illiquid assets like ZCB, Gilt but at the other end it
maintained its liquidity by spending in money market.
Figure 6: Portfolio composition of HDFC Cash Management Fund-Saving Fund

In the month of March, liquidity was restricted to CD (54.2%), 82% of which was in PSU
banks. Funds illiquidity was due to participation of BRD (5.5%) and FD (21%). Rating profile
of the scheme was 12.27% and 21.83% in AAA and AA credit rated companies. Funds
borrowing in this month was 14.85% which was one of the lowest among the industry
biggies.

0.74
1.495
21.65
35.385
30.69
6.635
2.01
5.48
20.77
34.1
54.18
0.32
0 10 20 30 40 50 60
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 31

Return Analysis
Overall in all the 3 months, average returns of the fund were equal or marginally less than
industry average. For more than 50% of time funds absolute return was above industry
average. Daily returns were better in the month of March whereas in Jan, Feb monthly
returns were better.
Table 6: Average annualized point to point returns of HDFC Cash Management Fund-Saving Fund



Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.70

0.18 8.72 50% 9.29

0.43 9.40 57%
1 week 8.76

0.19 8.75 53% 9.19

0.37 9.26 50%
2 weeks 8.77

0.18 8.77 53% 9.08

0.32 9.13 50%
1 month 8.85

0.15 8.84 56% 8.90

0.22 8.95 43%

Overall HDFC CMF maintained a moderate nature of portfolio composition with little
aggressiveness in the month of March. As per the portfolio composition, this funds return
were also moderate.

AUM Analysis
HDFC CMFs fund size saw a decline of 0.3% and 46% month on month fund size change in
Feb and March. AUM in Jan was Rs.6,680.84 crore. In the month of April, AUM increase by
92% to Rs.6,39.84. Monthly average return of the fund was 8.97%, 8.69% and 8.90% in the
month of Jan, Feb and March respectively.
Page | 32

ICICI PRUDENTIAL LIQUID FUND

Portfolio Analysis
In first two month of quarter, ICICI PLF invested above average in high risk ZCB, FRB and
illiquid FD of PSU banks. To balance this, it heavily invested in T Bill (13.83%), which was 3
time more than the industry average. Investment in CD, CP was below industry average.
Around 27.7% and 11.78% of portfolio was invested in AA and AAA rated companies.
Figure 7: Portfolio Composition of ICICI Prudential Liquid Fund

In the month of March, high liquidity was continued by investing 11.7% in T Bills where
industry average was just 0.78%. But fund showed a shift from balanced portfolio holding to
aggressive, by investing 54% and 34% in CP and FD. Bonds and debentures constituted 2.7%
of portfolio. All these holdings were above industry average. Other holdings included CD and
CBLO. Rating profile of the portfolio was 27% in AAA rated companies which was 2.4 time
above average and 29.3% in AA credit rated companies. For all these investments, ICICI PLF
borrowed 39.6% of fund which was second highest borrowing in industry with UTI MMF at
the top.
0.82
0.83
19.86
38.64
24.06
1.11
13.83
2.72
34.17
54.16
36.75
0.11
11.68
0 10 20 30 40 50 60
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 33

Return Analysis
Overall the fund gave higher or equal returns compared to industry average in all the three
months of quarter. In Jan, Feb its return were stable with standard deviation of 0.16 but
volatility increased in March due to the aggressive nature of fund and volatility of the
market. Fund absolute performance is better in longer margin such as fortnightly returns
compared to daily returns.
Table 7: Average annualized point to point returns of ICICI Prudential Liquid Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.72

0.16 8.72 53% 9.42

0.51 9.4 50%

1 week 8.76

0.16 8.75 50% 9.26

0.4 9.26 57%
2 weeks 8.79

0.16 8.77 56% 9.14

0.36 9.13 57%
1 month 8.87

0.14 8.84 56% 8.94

0.24 8.95 50%

AUM Analysis
ICICI PLFs fund size saw a decline in month on month fund size by 21% and 44% in Feb and
March resp. AUM in January was Rs.26,210.07 crore. In the month of April, AUM increased
by 93% to Rs.22,716.04. Monthly average return of the fund was 8.98%, 8.72% and 8.94% in
the month of Jan, Feb and March respectively. Overall, portfolio holding was little
conservative in Jan, Feb and aggressive in March. Average returns was overall high except
for monthly return of March which was less than industry average by a very small margin.
Overall, portfolio management of the fund was good.
Page | 34

ICICI PRUDENTIAL MONEY MARKET FUND

Portfolio Analysis
In Jan & Feb, more than 50% of the portfolio holding was in CP. Rating profile shows
existence of 41.2% and 11.5% of AAA and AA credit rated firms. FD contribution was of
13.7% which was completely in private banks. Liquidity was maintained by T Bills (5.16%),
CBLO and Public sector firms CDs. Risky instruments like BRDs and ZCB were not seen in the
portfolio.
Figure 8: Portfolio Composition of ICICI Prudential Money Market Fund

In March, CP holding was brought down to 37%, and major portfolio constituents were CD
(51.6%) and FD (40.33%). FD holding was 1.4 times above average, of which 89.6% was
parked in private banks. NBFC exposure was 23% which was highest in industry and 1.7 time
higher than average. Investment in money market (0.83%) was very high compared to its
competitors. Contribution of AAA and AA credit rated firms in portfolio was 3.44% and
33.87% respectively. Fund had negative NCA of 30%.
0.825
13.695
52.64
26.18
2.26
5.16
40.33
37.31
51.57
0.81
0 10 20 30 40 50 60
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 35

Return Analysis
In all the three months, funds performance in terms of return was very good. Its avg.
returns were higher than industry average except for daily returns of March. For Jan, Feb
the absolute returns were 67% occasions more than the industry average with very less
volatility.
Table 8: Average annualized point to point returns of ICICI Prudential Money Market Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.77

0.14 8.72 67% 9.38

0.49 9.4 43%
1 week 8.79

0.14 8.75 61% 9.26

0.30 9.26 50%
2 weeks 8.82

0.14 8.77 56% 9.15

.25 9.13 57%
1 month 8.89

0.14 8.84 56% 9.01

0.19 8.95 57%

AUM Analysis
ICICI PMMs fund size saw an increase of 8% in the month of Feb and reached Rs.5,747.76.
In March, a decline of 50% was observed in AUM, which then increased by 118% to
Rs.6,230.46 in April. Monthly average return of the fund was 9.0%, 8.75% and 9.01% in the
months of Jan, Feb and March respectively.
Despite any high yielding, risky instrument like bonds, ZCB in portfolio, returns were high in
all the 3 months. Due to invest by borrowing strategy portfolio was aggressive in March but,
overall compared to industry giants it can be considered conservative in nature and
portfolio management was very good.
Page | 36

RELIANCE LIQUID -TP

Portfolio Analysis
High yielding risky instruments such as BRD (4.2%), bonds (1.83%), FD (18.3%) and ZCB were
the major holdings of the portfolio which were above industry average. 77% of CD (37%)
was in PSU banks. Liquidity was restricted, as only 3.7% was invested in highly liquid T Bills
and CBLO. Rating profile consisted of 14.74% of AAA and 20.3% of AA credit rated firms.
In March, holding in risky instruments continued but were below industry average. 46.4% of
portfolio holding was in PSU bank CDs and 8.23% in Private Banks. Rating profile showed
investment of 31.07% and 8.58% in AA and AAA rated firms. Scheme borrowed 30.89% for
excessive spending.
Figure 9: Portfolio Composition of Reliance Liquid TP



4.2
1.825
0.1
18.27
33.135
37.005
2.665
1.035
1.085
3.08
1.06
0.35
35.41
38.23
54.65
0.01
0 10 20 30 40 50 60
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 37

Return Analysis
Average annualized point to point returns in Jan, Feb were above industry average with
reduced volatility. For more than 50% occasions the returns were above industry mean.
Similar trend of high return was followed in March but volatility was high. In case of daily
returns, standard deviation was 0.72 reducing the above average absolute return to only
36% occasions. Funds performance was better in weekly and fortnightly returns.
Table 9: Average annualized point to point returns of Reliance Liquid TP


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.73

0.16 8.72 50% 9.48

0.72 9.4 36%
1 week 8.77

0.17 8.75 53% 9.30

0.14 9.26 57%
2 weeks 8.80

0.16 8.77 56% 9.15

0.34 9.13 57%
1 month 8.88

0.15 8.84 56% 8.96

0.24 8.95 50%

AUM Analysis
The fund saw a decline in month on month fund size of 18% and 44% in Feb and March resp.
AUM in Jan was Rs.18,628.36 crore. In the month of April, AUM increase by 83% to
Rs.15,737.28. Monthly average return of the fund was 9.01%, 8.72% and 8.96% in the
months of Jan, Feb and March respectively.
Returns follow the trend of high risk, high return proving that portfolio management was
good.

Page | 38

RELIANCE LIQUIDITY FUND

Portfolio Analysis
In Jan & Feb, fund invested in illiquid financial products like BRDs (5.08%), FD (23.5%) and
bonds. Liquidity was maintained through funding in CD (35.23%), and money market. Rating
profile of the portfolio was 16.81% and 12.74% in AAA and AA credit rated firms. Portfolio
holding of nationalized Bank CD and FD was 27.91% and 12.08%. Fund had negative NCA of
1.02%.
Figure 10: Portfolio Composition of Reliance Liquidity Fund

In March, the scheme was highly aggressive as it borrowed fund of 30.89% and invested in
illiquid products BRD (10.33%) and FD (46.25%) much above the industry average. Liquidity
was maintained in portfolio by CD (62.5%) and CBLO. 11.35% of portfolio holding was in A1+
rated CP solely restricted to AA credit rated firms. 50% of CD was in Private Banks which was
thrice above the industry mean. NBFC exposure was least compared to the peer funds.
5.08
0.79
23.49
29.55
35.23
5.62
1.25
0.03
10.33
46.25
11.35
62.53
0.39
0.04
0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 39

Return Analysis
Average return were marginally less than industry average except for fortnightly and
monthly returns of March. Returns were stable in Jan, Feb but volatility increased in March.
Fund performed better in the month of March compared to other 2 months.
Table 10: Average annualized point to point returns of Reliance Liquidity Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.71

0.17 8.72 31% 9.34

0.46 9.40 43%
1 week 8.74

0.14 8.75 50% 9.26

0.32 9.26 57%
2 weeks 8.76

0.14 8.77 50% 9.16

0.31 9.13 57%
1 month 8.84

0.14 8.84 53% 8.98

0.22 8.95 57%


AUM Analysis
The fund saw an increase of 37% and then decline of 54% in month on month fund size for
the months February and March respectively. AUM in Jan was Rs.5,316.41.36 crore. In the
month of April, AUM increase by 93% to Rs.6,488.22. Monthly average return of the fund
was 8.95%, 8.70% and 8.98% in the months of Jan, Feb and March respectively.
Overall looking at portfolio composition and comparing it with industry, fund was balanced
in Jan, Feb and little aggressive in March. Same trend was followed in returns which were
marginally less or above average. Fortnightly and monthly average returns are little higher
than industry mean. Thus, it can be said that fund management style was good.
Page | 40

UTI LIQUID FUND-CASH

Portfolio Analysis
Portfolio holding of Jan, Feb consist of high yielding CP (42.69%), FD (16.05%) and bonds
(2.25%). Liquidity was retained to CD (28.6%) and T bills (5.85%). Rating profile of portfolio is
24.04% and 20.9% in AAA and AA credit rated firms.
Figure 11: Portfolio Composition of UTI Liquid Fund Cash

In March source of liquidity was sustained by CD and CP which constituted 61.4% and
30.32% of the portfolio. Other holding in portfolio was illiquid FD (35.02%) and BRDs. Fund
had aggressive nature which was reflected by borrowing of 30.98%. AAA and AA long term
credit rated firms contribution in portfolio was 5.58% and 24.74% respectively. Around 82%
of the FD and CD was held in PSU banks.


0.51
2.245
16.045
42.69
28.565
5.845
4.26
35.02
30.32
61.38
0 10 20 30 40 50 60 70
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 41

Return Analysis
Generally, the average return of the fund was below industry average, where absolute
return were almost for 50% occasions above average. Volatility of daily returns was very
high in March with standard deviation of 0.64.
Table 11: Average annualized point to point returns of UTI Liquid Fund Cash


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.68

0.16 8.72 47% 9.37

0.64 9.4 29%
1 week 8.71

0.16 8.75 47% 9.22

0.36 9.26 50%
2 weeks 8.73

0.16 8.77 53% 9.10

0.30 9.13 50%
1 month 8.81

0.13 8.84 56% 8.92

0.23 8.95 50%


AUM Analysis
The scheme saw a decline in month on month fund size by 16% and 52% in Feb and March
respectively. AUM in Jan was Rs.17,740.98 crore. In the month of April, AUM increase by
149% to Rs.17,584.89. Monthly average return of the fund was 9.01%, 8.68% and 8.92% in
the months of Jan, Feb and March respectively.
Overall fund maintained a moderate portfolio composition with little aggressiveness in
March. This was also mirrored in its return which was slightly less than industry average.

Page | 42

UTI MONEY MARKET FUND

Portfolio Analysis
Portfolio had major holdings in CP (49.75%) with traces of high yielding FD (15.17%), Bonds
(2.39%), ZCB and BRDs. CD (25.66%) and T Bills preserved the liquidity in the fund. Rating
profile indications 9.25% and 43.44% of AAA and AA credit rated firms in the portfolio
respectively. NBFC exposure of 22.88%, was very high compared to the industry. Spending in
private sector banks CD and FD was above industry average constituting 10.12% and
11.96% of portfolio structure.
Figure 12: Portfolio Composition of UTI Money Market Fund

Aggressive nature of the UTI MM fund was enhanced in March by exposure to BRDs (9.02%),
ZCB (3.13%) and FD (31.19%), all above industry mean. UTI MM fund has the highest
borrowing in the industry of 57.66% which was invested in CPs, almost twice the industry
mean and CD (54%). NBFC exposure was 22.6% which was highest in the industry. Public
sector banks CD and FD exposure in portfolio was 38.46% and 15.4%.
1.17
2.385
0.695
15.165
49.75
25.655
2.315
9.02
3.13
31.19
60.29
54.03
0 10 20 30 40 50 60 70
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 43

Return Analysis
The average returns were high and less volatile in all categories in Jan & Feb with 8.86% of
annualized monthly returns. But scheme failed to display similar results in March where
average return was less than industry average and also volatile.
Table 12: Average annualized point to point returns of UTI Money Market Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.75

0.15 8.72 56% 9.33 0.62 9.4 29%
1 week 8.77

0.14 8.75 53% 9.18 0.32 9.26 50%
2 weeks 8.80

0.14 8.77 56% 9.09 0.27 9.13 50%
1 month 8.86

0.12 8.84 56% 8.94

0.19 8.95 50%

AUM Analysis
The schemes month on month fund size saw an increase of 40% in February and decline of
74% in March. AUM in Jan was Rs.3,460.48 crore. In the month of April, AUM increase by
131% to Rs.2936.26 crore. Monthly average return of the fund was 8.96%, 8.74% and 8.94%
in the months of Jan, Feb and March respectively.
Correlation of portfolio composition and return was high in Jan & Feb, but the fund was
couldnt be managed that well in March resulting in poor performance.


Page | 44

IDFC CASH FUND

Portfolio Analysis
IDFC CF portfolio shows major holdings in CP (41.84%) and FD (23.09%). Bond & debentures
and ZCB & Gilt coverage was 2.39% and 1.02% respectively. Liquidity of the fund was due to
the presence of 6.31% of T Bills and 23.44% of CD. Rating profile shows coverage of AAA, AA
and A credit rated firm with 7.78%, 37.78% and 0.42% of portfolio holding respectively.
Involvement of public sector banks was 19.27% and 10.26% in the form of CD and FD.
Figure 13: Portfolio Composition of IDFC Cash Fund

Aggressive nature of scheme heightened in March by heavy investment in high yielding
illiquid and risky instruments. Involvement of bond and debenture was 13.63% where
industry average was just 1.9%. Similarly Gilt and ZCB contributed 7.59% in contrast to the
industry average of 0.69%. FD and CD had 40.49% and 34.12% of portfolio holding. Liquidity
was restricted to 38.5% of CD and less than 1% of T Bills and CBLO. Rating profile indications
2.39
1.02
23.09
41.84
23.44
0.48
6.31
13.63
7.59
34.12
40.49
38.47
0.17
0.71
0 5 10 15 20 25 30 35 40 45
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 45

involvement of AAA and AA rated firm by 26.91% and 34.8%. Exposure to private banks CD
and FD was 14.27% and 29.39% which was above average.

Return Analysis
Compared to the aggressive nature of portfolio, the fund did not perform well because the
average returns in all the category was pretty less compared to industry average. Volatility
of the returns was low but funds absolute return was largely less than industry mean. Thus,
fund management style was not good in case of IDFC CF.
Table 13: Average annualized point to point returns of IDFC Cash Fund


Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industr
y avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industr
y avg.
(%)
Return
above
industry
average
(%)
1 day 8.68 0.16 8.72 28% 9.29 0.43 9.4 29%
1 week 8.71 0.13 8.75 44% 9.15 0.33 9.26 57%
2 weeks 8.73 0.12 8.77 44% 9.05 0.3 9.13 43%
1 month 8.79 0.11 8.84 42% 8.88 0.2 8.95 36%

AUM Analysis
The scheme saw an increase of 10% in Feb and then decline of 43% in the month on March.
AUM in Jan was Rs.5,571.91 crore. In the month of April, AUM increase by 60% to Rs.5,571
crore. Monthly average return of the fund was 8.96%, 8.74% and 8.94% in the months of
Jan, Feb and March respectively


Page | 46

DSP BLACKROCK LIQUIDITY FUND

Portfolio Analysis
In the months of Jan & Feb, DSP BLF kept a high liquidity in the scheme by investing heavily
in money market and CD. Money market input in the form of CBLO was 17.26% where
industry mean was only 5.12%. 40.18% of CD was held by the scheme, of which 70% was in
PSU banks. 14.72% of portfolio was held in FD, which was entirely invested in nationalized
banks. 20.06% and 12.13% of portfolio was distributed in highest rating CPs of AA and AAA
credit rated firms respectively.
Fund maintained its liquidity in March by spending 0.94% and 66.6% in CBLO and CD. 92% of
CD was in PSU banks. CP presence of 40.2% in portfolio was above industry mean. Rating
profile shows presence of AAA (27.76%) and AA (12.44%) credit rated companies. Scheme
borrowed 25.52% of fund which was below industry average.
Figure 14: Portfolio Composition of DSP Blackrock Liquidity Fund


1.02
14.715
28.445
40.18
17.255
7.59
17.82
40.2
66.56
0.94
0 10 20 30 40 50 60 70
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 47

Return Analysis
DSP BLF was a safe player as its exposure to high yielding risky instruments was 0% and its
portfolio diversity was confined to CD, CP, FD and money market only. The same was
reflected in its average returns which was one of the lowest compared to the peers. Funds
absolute return above industry mean was scarcely seen. Fund management style and
performance compared to its peer was poor and fund requires exposure to high yield
financial products for better returns.
Table 14: Average annualized point to point returns of DSP Blackrock Liquidity Fund



Returns
For the month of Jan & Feb For the month of March

Avg.
retur
n (%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industr
y avg.
(%)
Return
above
industry
average
(%)
1 day 8.69

0.21 8.72 33% 9.23

0.5 9.4 36%
1 week

8.69 0.15 8.75 19% 9.19 0.37 9.26 29%
2 weeks 8.71

0.15 8.77 25% 8.94 0.24 9.13 21%
1 month 8.79

0.13 8.84 42% 8.82 0.17 8.95 29%

AUM Analysis

The scheme saw a decline in month on month fund size by 36% and 47% in Feb and March
respectively. AUM in Jan was Rs.6937.05 crore. In the month of April, AUM increase by
124% to Rs.5,355.03 crore. Monthly average return of the fund was 8.89%, 8.65% and
8.82% in the months of Jan, Feb and March respectively

Page | 48

TEMPLETON INDIA TMA

Portfolio Analysis
Templeton India TMA fund was least diverse in portfolio composition with exposure to high
yielding bonds. Bond & debenture exposure of fund increased from 1.45% in Jan, Feb to
7.16% in March. The fund had 65.45% exposure to CP in Jan, Feb which was 58% higher than
industry mean. This exposure reduced to 31.46% in March. NBFC exposure of the scheme in
Jan, Feb was 27.44%, highest in the industry. Portfolio covered only nationalized bank CD
which significantly changed from 25.46% to 85.7% in the quarter end month, becoming
highest investment in this category in the industry. Rating profile of portfolio shows 1.8%
existence of A rated, 58.98% of AA rated and 6.61% of AAA rated firms in Jan Feb. In March,
rating profile showed AAA rated (21.2%) and AA rated (17.4%) firms.
Figure 15: Portfolio Composition of TEMPLETON India TMA




1.45
65.45
25.46
7.16
31.46
85.72
0 10 20 30 40 50 60 70 80 90 100
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 49

Return Analysis
Portfolio returns were low in the Jan & Feb month and volatility was more than the peers.
Absolute return above industry mean was seldom seen. But, fund performance
exceptionally improved in March, and it was industry topper with highest returns in all
categories. However returns were highly volatile with standard deviation up to 1.86. Funds
absolute weekly returns was 79% occasions above industry mean.
Table 15: Average annualized point to point returns of TEMPLETON India TMA



Returns
For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.57 0.68 8.72 39% 9.97

1.86 9.4 43%
1 week 8.70

0.37 8.75 36% 9.80

0.91 9.26 79%
2 weeks 8.69

0.19 8.77 25% 9.52

0.61 9.13 71%
1 month 8.77

0.17 8.84 36% 9.19

0.41 8.95 57%

AUM Analysis
The scheme saw continuous growth in month on month fund size by 12%, 4% and 34% in
Feb, March and April respectively. AUM in Jan was Rs.3289.77 crore with increased to
Rs.5168.55 in April. It is the only fund which has seen continuous growth in all the 3 months.
Monthly average return of the fund was 8.90%, 8.61% and 9.19% in the months of Jan, Feb
and March respectively. Funds portfolio composition and return showed high correlation. In
Jan, Feb when portfolio structure was conservative, returns were low, but in March with
greater exposure to high yielding instruments, high returns were seen. But due to less
diversity in the portfolio, volatility in returns was extremely high.
Page | 50

KOTAK FLOATER-SHORT TERM

Portfolio analysis
In Jan, Feb fund retained very high liquidity by investing in money market (8.85%), CD
(32.4%) and CP (44.75%), all moderately above industry average. Slight exposure to high
yielding debentures, ZCB and FD was also seen. Rating profile displays 17.66% and 27.52%
existence of AAA and AA rated firms. Exposure to PSU bank was 24.15% and 0.83% in CD
and FD.
Fund maintained high liquidity in March by investing in money market (2.06%) and private
sector CD (61.1%). FD presence in portfolio increased to 48.89% in March. 88% of this FD
was in private banks. CP existence was restricted to AA rated firms only. The fund borrowed
21.51% for excessive spending in portfolio.
Figure 16: Portfolio Composition of KOTAK Floater-Short Term


0.405
0.03
9.805
44.745
25.46
8.85
3.64
48.89
9.5
85.72
2.06
0 10 20 30 40 50 60 70 80 90 100
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 51

Return Analysis
Returns were generally equal or below industry mean in all the 3 months. Volatility of the
funds return was also close to industry average. As the funds portfolio was moderate in
nature, its return was also moderate.
Table 16: Average annualized point to point returns of KOTAK Floater Short Term

Returns
For the month of Jan & Feb For the month of March

Avg.
retur
n (%)

Std.
deviation


Industr
y avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industr
y avg.
(%)
Return
above
industry
average
(%)
1 day 8.76


0.15 8.72 64% 9.37

0.48 9.4 36%
1 week 8.75

0.12 8.75 56% 9.18

0.28 9.26 43%
2 weeks 8.71 0.16 8.77 53% 9.09

0.25 9.13 50%
1 month 8.84 1.12 8.84 53% 8.96

0.18 8.95 50%

AUM Analysis

The schemes month on month fund size saw an increase of 36% and then decline of 71% in
Feb and March respectively. AUM in Jan was Rs.3,989.03 crores. In the month of April, AUM
increase by 142% to Rs.3767.42 crore. Monthly average return of the fund was 8.94%,
8.72% and 8.96% in the months of Jan, Feb and March respectively.




Page | 52

KOTAK LIQUID SCHEME

Portfolio Analysis
In month of Jan, Feb fund heavily invested in CP (73.85%) compared to industry average of
41.3%. Existence of AAA rate firms was 45.93% and of AA was 29.81%. Fund also had high
liquidity due to T Bills (6.61%) and money market. Private banks FD, debentures and PSU CD
were other instruments in the fund.
In March, CP exposure decreased to 8.3% and CD increased to 66.4%. 56.01% of portfolio
was held in PSU banks CD. Illiquid high yielding private sector FD contributed 37.2% to
portfolio. Rating profile illustrates 9.3% and 8.3% of AAA and AA credit rated firms.
Figure 17: Portfolio Composition of KOTAK Liquid Scheme




1.885
7.43
73.85
10.975
1.1
6.605
37.2
8.3
66.41
0.3
0 10 20 30 40 50 60 70 80
BRD
BONDS/DEBENTURE
ZCB/GILT/FRB
FD
CP
CD
Money Market
T Bills
Cash/MF/Rev Repo
Portfolio Composition
March Jan,Feb
Page | 53

Return Analysis
Fund performed good in daily returns which is above industry average in all the three
months. Rest of the returns, were below average, with low volatility. Portfolio was little
aggressive in nature but performance was not up to the mark and portfolio was not
managed well.
Table 17: Average annualized point to point returns of KOTAK Liquid Scheme


Returns

For the month of Jan & Feb For the month of March

Avg.
return
(%)

Std.
deviation


Industry
avg.
(%)
Return
above
industry
average
(%)

Avg.
return
(%)

Std.
deviation

Industry
avg.
(%)
Return
above
industry
average
(%)
1 day 8.79

0.15 8.72 42% 9.43

0.59 9.4 57%
1 week 8.71

0.16 8.75 31% 9.22

0.33 9.26 50%
2 weeks 8.69

0.16 8.77 22% 9.11

0.3 9.13 50%
1 month 8.68

0.17 8.84 42% 8.93

0.22 8.95 50%

AUM Analysis
The scheme saw a decline in month on month fund size by 10% and 59% in Feb and March
respectively. AUM in Jan was Rs.6,455.65 crore. In the month of April, AUM increase by
157% to Rs.6118.10 crore, which was the highest increase in the industry. Monthly average
return of the fund was 8.91%, 8.63% and 8.93% in the months of Jan, Feb and March
respectively.



Page | 54

FINDINGS & SUGGESTIONS


The objective of this project was to analyse Liquid Mutual Funds in terms of their portfolio
composition and returns, followed by finding correlation of the composition with the
returns generated by them. Portfolio composition was analysed for 3 months of last quarter
of FY 2013-14. Criteria under consideration for portfolio analysis were percentage
contribution in different instruments, liquidity aspect, instruments credit rating profile,
portfolio exposure to NBFC and exposure to private and PSU banks. For return analysis,
point to point average annualized returns on daily, weekly, fortnightly and monthly basis
and their volatility was studied.
For the analysis Liquid funds of the top 10 AMC of the industry having AUM above Rs.3000
crore were considered. 17 Funds were examined as per the guidelines which are: SBI PLF,
SBI MIC, Birla SCF, Birla SFR, HDFC LF, HDFC CMF, ICICI PLF, ICICI PMM, Reliance LTP,
Relaince LF, Kotak FST, Kotak LS, DSP BLF, IDFC CF, UTI MM, UTI LF and Templeton India
TMA. Out of these Funds with AUM above Rs.10,000 crores are: SBI PLF, Birla SCF, HDFC LF,
ICICI PLF, Reliance LTP and UTI LF.
Aggressive nature of the fund was defined by its exposure to high yielding assets like CP,
BRD, ZCB, FD, bonds and debentures. These are highly illiquid instruments. Higher exposure
to NBFC also contributes to the aggressiveness of the fund. On the other hand, liquidity of
the funds is maintained by exposure to CD, T Bills, reverse repo and money market
instruments like CBLO. Credit rating profile considered the long term credit rating of the A1+
rated instruments in the portfolio.
Page | 55

Through the analysis of the portfolios and returns of top 17 funds in the industry, it was
observed that if the scheme has an aggressive portfolio, they generally give higher returns
as seen in case of Birla SCF. Moderate Portfolio like HDFC LF had returns which were near
industry mean while conservative portfolios return were generally lower than industry
mean as seen in case of SBI PLF. Thus, it can be said that higher the risk, more is the
probability of getting high returns.
It was observed that in the month of March, all the schemes over invested, which was due
to expectation of high returns of excessive spending in the start of the next quarter. Analysis
of AUM showed that the entire schemes AUM decreased in the month of March by large
amount which is restored in the subsequent month. This is because in the quarter end,
major investors like banks and corporates withdraw heavy amount to maintain their
liquidity requirement and to pay their quarter-end financial and advance tax. Since liquid
funds are open-ended funds, investors can invest anytime and also redeem and exit the
scheme after the recent gain. Due to this, it was difficult to find the exact trend in AUM
inflow. But, it was generally observed that, if the fund gives return equal to or higher than
the industry mean, its AUM increased, otherwise it decreased.
SBI Magnum Insta Cash Fund performance was very good in Jan and Feb due to its
moderately aggressive portfolio but could not maintain its performance in the month of
March. SBI Premier Liquid Fund was always conservative in nature as compared to the
industry biggies, so its performance was below industry average in all the three months. CP
exposure of the fund is in line with the industry average. To increase the returns of SBI PLF
and SBI MIC, these funds should increase their spending in high yielding BRD, bonds, ZCB
and FDs. Since these instruments are illiquid, liquidity of the funds can be increased by
Page | 56

investing in T Bills whose contribution in ICICI PLF portfolio showed positive results. Funds
exposure to CD in the month of March is very high. This can be reduced to divert money in
high yielding instruments. In the month of March, SBI schemes can also increase their
borrowing for over investment as its borrowing is quite less compared to the industry.

























Page | 57

REFERENCES


Association of Mutual Funds in India home page ( http://www.amfiindia.com/)

Value Research ( http://www.valueresearchonline.com/)

SBI Mutual Fund (http://www.sbimf.com/)

NCFM Module, Mutual Funds: A Bigginers Module
Retieved from http://www.nseindia.com/content/ncfm/MFBM-workbook.pdf

NCFM Module, Mutual Funds( Advanced) Module
Retrieved from http://www.nseindia.com/content/ncfm/ncfm_mfam.pdf

Kayezad E. Adajania,(2012, July 30), Should you pick top performing liquid fund?, Live Mint
& the wall street journal
Retrieved from http://www.livemint.com/Money/DgK3u2Nd2heclwH1n5ZB9J/Should-
you-pick-top-performing-liquid-fund.html

Ashish Gupta (2010, June 4), How to evaluate a mutual fund?, The Economic Times
Retrieved from http://articles.economictimes.indiatimes.com/2010-07-
04/news/27589007_1_debt-fund-equity-fund-gilt-fund





Page | 58

APPENDIX


I: ABBREVIATIONS USED

CBLO Collateralized borrowing and lending obligation
BRD Bills rediscounting
SBI PLF SBI Premier Liquid Fund
SBI MIC SBI Magnum Insta Cash-Cash
Birla SCF Birla Sun Life Cash Plus
Birla SFR Birla Sun Life Floating Rate Fund
HDFC LF HDFC Liquid Fund
HDFC CMF HDFC cash management fund-Saving Fund
ICICI PLF ICICI Prudential Liquid Fund
ICICI PMM ICICI Prudential Money Market Fund
Reliance LTP Reliance Liquid -TP
Relaince LF Reliance Liquidity Fund
Kotak FST Kotak Floater ST
Kotak LS Kotak Liquid Scheme
DSP BLF DSP BlackRock Liquidity Fund
IDFC CF IDFC Cash fund
UTI MM UTI Money Market
UTI LF UTI Liquid Fund - Cash Plan


Page | 59

II: PORTFOLIO ANALYSIS OF JANUNARY & FEBRUARY


Page | 60

III: PORTFOLIO ANALYSIS OF MARCH



Page | 61

IV: RETURN ANALYSIS OF JAN & FEB

Avg. return of Jan & Feb
Scheme Name 1 day 1 week 2 week 1 month
Birla Sun Life Cash Plus - Reg - Gr 8.79 8.79 8.82 8.90
Birla Sun Life Floating Rate Fund - STP - Reg - Gr 8.73 8.77 8.81 8.88
DSP BlackRock Liquidity Fund - IP - Gr 8.69 8.69 8.71 8.79
HDFC Cash Mgmt Fund - Savings Plan - Gr 8.70 8.76 8.77 8.85
HDFC Liquid Fund - Gr 8.71 8.76 8.77 8.85
ICICI Prudential Liquid - Reg - Gr 8.72 8.76 8.79 8.87
ICICI Prudential Money Market Fund - Reg - Gr 8.77 8.79 8.82 8.89
IDFC Cash Fund - Reg - Gr 8.68 8.71 8.73 8.79
Kotak Floater - ST - Gr 8.76 8.75 8.77 8.84
Kotak Liquid Scheme - Plan A - Gr 8.68 8.69 8.71 8.79
Reliance Liquid Fund - TP - Gr 8.73 8.77 8.80 8.88
Reliance Liquidity Fund - Gr 8.71 8.74 8.76 8.84
SBI Magnum Insta Cash - Cash Plan 8.81 8.82 8.83 8.87
SBI Premier Liquid Fund - Reg - Gr 8.70 8.72 8.74 8.81
Templeton India TMA - Super IP - Gr 8.57 8.70 8.69 8.77
UTI Liquid Fund - Cash Plan - IP - Gr 8.68 8.71 8.73 8.81
UTI Money Market - IP - Gr 8.75 8.77 8.80 8.86
Industry Average 8.74 8.75 8.77 8.84











Page | 62

V: RETURN ANALYSIS OF MARCH

Average Return of March
Scheme Name 1 day 1 week 2 week 1 month
Birla Sun Life Cash Plus - Reg - Gr 9.58 9.49 9.28 9.03
Birla Sun Life Floating Rate Fund - STP - Reg - Gr 9.49 9.29 9.13 8.92
DSP BlackRock Liquidity Fund - IP - Gr 9.23 9.05 8.94 8.82
HDFC Cash Mgmt Fund - Savings Plan - Gr 9.29 9.19 9.08 8.90
HDFC Liquid Fund - Gr 9.26 9.16 9.07 8.91
ICICI Prudential Liquid - Reg - Gr 9.42 9.26 9.14 8.94
ICICI Prudential Money Market Fund - Reg - Gr 9.38 9.26 9.15 9.01
IDFC Cash Fund - Reg - Gr 9.29 9.15 9.05 8.88
Kotak Floater - ST - Gr 9.37 9.18 9.09 8.96
Kotak Liquid Scheme - Plan A - Gr 9.43 9.22 9.11 8.93
Reliance Liquid Fund - TP - Gr 9.48 9.30 9.15 8.96
Reliance Liquidity Fund - Gr 9.34 9.26 9.16 8.98
SBI Magnum Insta Cash - Cash Plan 9.27 9.18 9.09 8.99
SBI Premier Liquid Fund - Reg - Gr 9.31 9.22 9.11 8.95
Templeton India TMA - Super IP - Gr 9.97 9.80 9.52 9.19
UTI Liquid Fund - Cash Plan - IP - Gr 9.37 9.22 9.10 8.92
UTI Money Market - IP - Gr 9.33 9.18 9.09 8.94
Industry Average 9.40 9.26 9.13 8.95











Page | 63

VI: AUM ANALYSIS OF FUNDS

Scheme Name
(as per MFI
Explorer V6.18)
JAN
2014
[Rs Cr]
FEB 2014
[Rs Cr]
MAR
2014
[Rs Cr]
APR 2014
[Rs Cr]
Month on Month Fund size
Change (%)
feb march april
Birla Sun Life Cash
Plus - Dir

22,826.81

17,632.61

11,216.97

20,840.50 -23% -36% 86%
Birla Sun Life
Floating Rate
Fund - STP - Dir

3,953.55

5,522.16

2,147.33

4,460.65 40% -61% 108%
HDFC Liquid Fund

17,977.03

19,510.57

8,719.19

20,305.62 9% -55% 133%
HDFC Cash
Management
Fund - Savings
Plan

6,680.84

6,663.36

3,619.66

6,939.31 -0.3% -46% 92%
ICICI Prudential
Liquid - Regular
Plan

26,210.07

20,836.02

11,765.92

22,716.04 -21% -44% 93%
ICICI Prudential
Money Market
Fund Option -
Regular Plan

5,332.61

5,747.76

2,851.66

6,230.46 8% -50% 118%
Kotak Liquid-Plan

6,455.65

5,785.75

2,379.28

6,118.10 -10% -59% 157%
Kotak Floater
Short Term

3,989.03

5,423.38

1,554.41

3,767.42 36% -71% 142%
Reliance Liquid
Fund-Treasury
Plan

18,628.36

15,232.62

8,599.36

15,737.28 -18% -44% 83%
Reliance Liquidity
Fund-Growth Plan

5,316.41

7,264.87

3,362.32

6,488.22 37% -54% 93%
SBI Premier Liquid
Fund

17,088.84

16,364.96

12,567.77

21,851.83 -4% -23% 74%
SBI Magnum Insta
Cash Fund - Cash

2,466.23

5,266.97

2,496.29

2,790.96 114% -53% 12%
UTI- Liquid Fund-
Cash Plan-Inst

17,740.98

14,863.25

7,068.02

17,583.89 -16% -52% 149%
UTI Money
Market Fund

3,460.48

4,852.84

1,269.47

2,936.26 40% -74% 131%
Templeton India
TMA

3,289.77

3,699.42

3,844.97

5,168.55 12% 4% 34%
IDFC Cash Fund

5,571.91

6,154.58

3,487.63

5,571.91 10% -43% 60%
DSP BlackRock
Liquidity Fund

6,937.05

4,468.46

2,385.87

5,355.03 -36% -47% 124%